According to the Bank of Montreal, less Canadians are saving for their retirement.
BMO’s 8th annual RRSP study suggests more than a third of Canadians are not contributing to their RRSP’s before this year’s deadline, with 40 percent of those not contributing citing they don’t have enough money to do so this year.
Vice President of Asset Management, Rob Armstrong said the numbers are concerning.
“We’re seeing a situation where RRSP’s have been around for quite awhile now, and a lot of people know what it is,” Armstrong said.
However it seems that this year the number of people contributing to an RRSP has remained basically flat year-over-year nation wide,” he added.
Of those Canadians who are contributing to their RRSP’s, 42 per-cent say the main reason why they’re doing so is to have enough to get by when it comes time to retire.